Just Another Record Deal In Dc (Yawn)
March 04, 2011

We kid. There's nothing boring about this: Bisnow has just learned that RREEF and Bainbridge Capital Management were the sellers on today's big apartment portfolio announcement. Dune Real Estate Partners and Pantzer Properties have acquired eight DC-area properties for $460M, the largest multifamily deal outside NY since '08. (Yep, the same Dune whose CEO, Dan Neidich, was on our Summit panel earlier this week.)

This afternoon, we talked to Jason Pantzer, who told us Panco Management (owned by his company) will manage the 2,580 units, to be rebranded The Point. Six properties are in VA: Alexandria (above) and Fairfax, Loudoun, and Prince William counties. And two are in Montgomery County.

Jason tells us they all are more than 95% occupied, but renovations on kitchens, baths, and HVAC systems are in store to maintain the A-minus, B-plus class (average "vintage" is 1990). Pantzer began The Point branding with the 364-unit Point at Fairfax (sold to Home Properties last year) and the 308-unit Point at Laurel Lakes in Maryland, which it bought in December.

JLL's Al Cissel and Scott Melnick brokered the deal and are working on a couple other massive portfolio deals. ("Big is in," they tell us.) Ballard Spahr worked as lead counsel for the buyers (50/50 JV) on the acquisition and debt financing. These eight properties are part of the 37 that Morgan Stanley, Onex Real Estate, and Sawyer Realty acquired when they bought Town and Country Trust in 2006 for $1.5B.